Miller Energy Announces Its Fiscal Second Quarter 2014 Earnings and Operational Call and Reaffirms Its Hedge Position
HOUSTON, TX--(Marketwired - Dec 1, 2014) - Miller Energy Resources, Inc. (NYSE: MILL) ("Miller" or "the Company") today announced that it will host a conference call and webcast at 9:00 a.m. ET on December 10, 2014 to discuss its financial and operational results for the three months ended October 31, 2014. Miller also reaffirmed its hedge position.
The Company's senior management will hold the conference call and webcast to review Miller's fiscal second quarter financial and operating results. On that call, management will also address the Company's expected well-plan, hedge position and approach to managing through the current commodity environment as well as the Company's previously-announced acquisition of Savant Alaska, LLC. Miller expects that acquisition to close before calendar year-end.
Given recent continued down movements in oil prices, the Company also reaffirms that it has more than 90% of its current oil production hedged. Miller has approximately 390MBbls hedged at $98.71 for the remainder of fiscal 2015, approximately 788MBbls at $95.36 for fiscal 2016 and approximately 233MBbls at $93.97 from May 2016 through December 2016. The Company also notes that it sells the majority of its gas under long-term contracts priced at approximately $7 per Mcf. As management will detail on its upcoming call, Miller additionally plans a lower-risk, more gas-focused drilling plan.
Based on its oil hedge profile, long-term gas contracts and lower-risk, more gas-focused drilling plan, the Company believes it has sufficient liquidity if oil prices remain at current levels for the foreseeable future.
To join the call or webcast, please use the dial in and log in information below.
Date: Wednesday, December 10, 2014
Time: 9:00 a.m. Eastern Time
Conference Line (U.S.): 1-888-576-4398
Conference ID: 5029928
Please log in at least 10 minutes before the start time to ensure timely participation.
A playback of the call will be available from 12:00 p.m. ET on December 10, 2014 to 11:59 p.m. ET on January 10, 2015. To listen, call 1-877-870-5176 within the United States or 1-858-384-5517 when calling internationally. Please use the replay pin number 5029928.
About Miller Energy Resources
Miller Energy Resources, Inc. is a domestic oil and natural gas exploration and production focused on Alaska. The Company's enterprises encompass production and reserves onshore and offshore in the Cook Inlet area, approximately 62MBPD of storage and processing infrastructure, the Osprey offshore production platform and four owned drilling rigs. Miller manages its operations from Anchorage with additional administrative offices in the lower 48. The Company's common stock is listed on the NYSE under the symbol MILL.
Statements Regarding Forward-Looking Information
Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees of future activities and are subject to many risks and uncertainties. Due to such risks and uncertainties, actual events may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements can be identified by the use of the future tense or other forward-looking words such as "believe," "expect," "anticipate," "intend," "plan," "should," "may," "will," believes," "continue," "strategy," "position," "opportunity" or the negative of those terms or other variations of them or by comparable terminology. A discussion of these risk factors is included in the Company's periodic reports filed with the SEC.
(December 1, 2014 - 7:00 AM EST)
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